441 polint Compared to the before-tax cash flow (BTCF), the after-tax cash flow (ATCF) considers tax liability, which of the following is FAl SE about ATCF? ATCF and BTCF are levered cash flows to investors Upfront financing cost is partially tax deductible in the first year Capital expenditure is added back to the net operating income to calculate the taxable income Depreciation and interest expense are not taxdeductable